Brockway Moran & Partners Completes the Sale of
its
Celeste Contract Packaging Business to Pre Pak Holdings
Milwaukee, WI – December 31, 2008 – Grace Matthews
announced today that the private equity firm Brockway Moran &
Partners has completed the sale of the Contract Packaging Division
of its portfolio company Celeste Industries Corporation to PrePak
Systems, Inc., a pharmaceutical packaging company. The Contract
Packaging Division, based in Easton, Maryland, is a provider of
high-quality packaging solutions to customers in the medical device,
pharmaceutical, technology and specialty consumer industries. The
Division has developed special expertise in providing packaging
for single dose or “unit-of–use” packets for FDA-regulated
medical applications. Grace Matthews, Inc. advised Brockway Moran
& Partners on the transaction.
Tammie Miller, a Grace Matthews Director, commented: “Celeste’s
Contract Packaging Division is positioned in a fast growing, high
margin segment of the pharmaceutical/medical packaging industry,
so we knew that there would be a lot of interest from strategic
buyers as well as private equity firms. Ultimately, it came down
to who could enhance the business’s already impressive growth
prospects. PrePak is an ideal partner: putting the two businesses
together adds value for both their customers through access to greater
and more flexible capacity and a broader range of services.”
Tim Oleszczuk, a Managing Director at Grace Matthews, agreed: “The Celeste Packaging Division’s state-of-the-art manufacturing capabilities, blue chip customer base, and focus on “unit-of-use” packaging for FDA-regulated products is a natural fit for PrePak. Over the next several years, as pharmaceutical and medical device manufacturers increasingly outsource their specialized packaging needs to qualified contract manufacturers, the combination of PrePak and Celeste’s Contract Packaging Division should be on the leading edge of the trend.”
ABOUT CELESTE CONTRACT PACKAGING
The Contract Packaging Division of Celeste Industries Corporation,
a subsidiary of Brockway Moran & Partners, is a provider of
high-quality, value-added, FDA-regulated and general (non-FDA-regulated)
contract packaging solutions to customers in the medical device,
pharmaceutical, technology and specialty consumer industries.
ABOUT PREPAK SYSTEMS
PrePak Systems, a subsidiary of PrePak Holdings based in Cookville,
Tennessee, offers primary pharmaceutical fulfillment services for
government, commercial and institutional markets. The company is
a registered FDA facility and maintains DEA, GSA and Tennessee Board
of Pharmacy licenses. Its capabilities include schedule drugs (CII-CV),
Rx, OTC and Nutraceuticals, with batch or high volume fulfillment
in bottling, blisters, pouching, kitting or reworks.
ABOUT GRACE MATTHEWS
Grace Matthews, Inc., a Milwaukee, Wisconsin based investment bank, provides merger, acquisition and corporate finance advisory services to private and public companies. Over the past decade, Grace Matthews has successfully completed over 150 transactions on behalf of clients ranging from private, middle-market companies to large, foreign or U.S.-based multi-nationals. For more detailed information on Grace Matthews, Inc., visit www.gracematthews.com.
CONTACT:
Tammie Miller, Director
tmiller@gracematthews.com
(414) 278-1120